Korean shares up on institutional buying

South Korean shares move up late Tuesday morning, paring earlier losses, helped by a buying-spree by institutions.

The benchmark Korea Composite Stock Price Index rose 23.94 points, or 1 percent, to 2,462.65 as of 11:20 a.m.

(Yonhap)

The broad index started lower, but soon turned positive as institutional buyers scooped up market heavyweights.

Most large caps traded in positive terrain with market kingpin Samsung Electronics adding 0.36 percent and SK hynix, a major chipmaker, moving up 0.3 percent. Leading automaker Hyundai Motor increased 0.34 percent and major steelmaker POSCO climbed 0.6 percent.

The local currency was trading at 1,160.3 won against the US dollar, up 2.7 won from the previous session's close. (Yonhap)